NEW CASTLE, Pa., March 5, 2014 /PRNewswire/ -- Axion Power™ International, Inc. (OTC QB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, announced today that veteran trucking industry executive Dr. James A. Smith has been named a special consultant to the Company and liaison to ePower Engine Systems, effective immediately. Smith will report directly to Axion Power Chairman and CEO Thomas Granville.
Smith, 64, has been directly involved in the Class 8 trucking business for more than 20 years as owner of Buffalo, NY-based Cragco Trucking and the owner and CEO of H/J Leasing Co. Cragco, which Smith owned from 1983-2005, included a fleet of 42 Class 8 trucks that transported nickel and steel products from Canada to the U.S., while H/J Leasing, which Smith owned from 1985-2005, purchased and leased both tractors and trailers on a continual roll-over basis.
Smith was one of the original founders of Axion Power International back in 2003 and for the last 10 years has been a resource to Axion, as time permitted. Dr. Smith retired from active medical practice in 2013 and now can devote more time to Axion's initiatives. His expertise and experience will be valuable to Axion in its expanding relationship with Florence, KY-based ePower Engine Systems, which has developed a series hybrid drive train and engine system for heavy-duty Class 8 trucks.
"Our working relationship with ePower has continued to evolve over the last few years as our PbC batteries have been incorporated into their series hybrid system. Based on the demonstrated fuel savings and emission improvements (both pegged at approximately 35%) already demonstrated by Class 8 trucks powered by the ePower product, the national trucking industry presents a large and important business opportunity for Axion Power going forward. ePower launched its latest improved series hybrid truck last month and, as this vehicle goes through its final 'on the road' testing, it's more important than ever for us to add to our in-house expertise. With the addition of Dr. Smith, this expertise now will not only include batteries and electronics, but will also cover business and marketing aspects of the trucking industry," Granville said.
Based on the extensive lab and road test driving completed to date, Axion shares ePower's belief that the unique proprietary attributes of Axion's PbC batteries make them the hands down battery of choice for the ePower series hybrid system. According to ePower founder and president Jay Bowman, "The PbC battery's ability to endure thousands of cycles without the loss of charge acceptance, and its ability to continually self-equalize the state of charge in string applications, are tremendous advantages that clearly distinguish these batteries from their competition."
Granville concluded, "We feel at this juncture, as ePower's series hybrid engine system emerges from the test bench development phase, that Dr. Smith's first-hand knowledge of the trucking business will be an important added resource to the Axion/ePower commercialization effort."
As currently designed, Class 8 trucks have been retrofitted by ePower from standard internal combustion engines to series diesel electric hybrid drive train systems utilizing a string of 56 PbC batteries that are designed to equalize fuel consumption over various terrains, distances and in varying driving conditions.
About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC® batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that has not been well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."
Axion Power International, Inc. is the industry leader in the field of lead-carbon energy storage technologies. Axion believes its new PbC battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion's proprietary activated carbon electrodes. Axion's future goal, after filling their plant's lead-carbon battery production capacity, is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.
For more information, visit www.axionpower.com
Forward-looking Statements
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
Contacts:
Axion Power International, Inc.
Thomas Granville, CEO
(724) 654 9300
Allen & Caron, Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
Len Hall (Media)
len@allencaron.com
(949) 474-4300
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SOURCE Axion Power International, Inc.